Vici, Dewey County, Oklahoma Property Taxes
The median property tax rate in Vici, OK is 0.82%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $68,515 in Vici, the typical annual property tax bill amounts to $524, significantly below the national median of $2,690. Property taxes in Vici are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Vici's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Vici or another part of Dewey County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vici, Dewey County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$562
$521
Ownwell’s Vici Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vici with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vici to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Vici, Dewey County, Oklahoma
Property taxes in Vici, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vici is 0.82%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Vici set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vici estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Vici's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73859 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Vici provides valuable insights into the varying tax landscape across Dewey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vici Tax Rate
0.82%
Average Dewey County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vici, Dewey County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73859 | 0.59% | 0.72% | 0.82% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Vici, Dewey County, Oklahoma
In Vici, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Dewey County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Vici, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Vici helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 73859, with a median tax bill of $524, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Vici, Dewey County, Oklahoma
Source: Ownwell
$48,154
$76,899
$105,644
Average Vici Assessed Value
$68,515
Average Dewey County Assessed Value
$78,646
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vici, Dewey County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73859 | $24,469 | $38,693 | $68,515 | $118,264 | $172,441 |
Source: Ownwell
Property Tax Bills Across Vici, Dewey County, Oklahoma
In Vici, located in Dewey County, OK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which in Vici has a median home price of $68,515. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners in Vici, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $282, while the 75th percentile reaches $890, and the 90th percentile can be as high as $1,390. These property taxes can have a considerable impact on homeowners, affecting their monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Vici's rates are relatively moderate, making it an attractive option for potential homeowners looking for affordability.
Average Vici Tax Bill
$524
Average Dewey County Tax Bill
$505
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Vici, Dewey County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73859 | $170 | $282 | $524 | $890 | $1,390 |
Source: Ownwell